Order under Section 148A(3) was quashed as the Assessing Officer failed to consider the assessee’s explanation that the marked-to-market loss had already been taxed in the preceding assessment year.
Order under Section 148A(3) was quashed as the Assessing Officer failed to consider the assessee’s explanation that the marked-to-market loss had already been taxed in the preceding assessment year. Issue Whether Section 148A requires the Assessing Officer to disclose the exact source of information (such as an audit objection) to the assessee, or whether conveying… Read More »